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6/14, 12:39 AM (Source: TeleTrader)
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Facebook cryptocurrency backed by major firms - report

The upcoming cryptocurrency to be revealed by Facebook Inc. will be backed by companies such as Uber Technologies Inc., PayPal Holdings Inc., Visa Inc. and Mastercard Inc., the Wall Street Journal reported. In total, "more than a dozen" e-commerce and financial businesses will invest approximately $10 million each in a consortium which will govern the currency, people familiar with the matter said.

Previous reports indicated the cryptocurrency could be released before the end of the month, while the WSJ claimed it will be announced next week. "It is still not entirely clear, even to some members of the consortium, how the coin will work or what their roles will be," sources warned, adding that some members were also concerned about the potential for misuse, including money laundering and financing terrorism.

Breaking the News / DJ